H.4.1 Factors Affecting Reserve Balances of Depository Institutions

F E D E R AL R E S E R VE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks For immediate release January 7, 1971 The average of daily figures of total reserves of member banks increased $838 million to $30,579 million in the latest week. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks also increased. Several factors drained reserves by significant amounts in the latest statement week. These include a rise in other deposits with Federal Reserve Banks, a decline in the gold stock, reflecting a quota payment to the IMF, and a decrease in float. Offsetting these reserve declines were a seasonal fall in currency in circulation and decreases in both Treasury deposits with Federal Reserve Banks and other F.R. liabilities and capital. In addition, System Open Market operations provided $801 million in reserves net, on a weekly average basis. Member bank borrowings were $174 million less than excess reserves compared to the previous week when excess reserves exceeded borrowings by $68 million. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Jan. 6, Dec. 30, Jan. 7, Jan. 6, and related items 1971* 197Q 1970 1971 * Reserve Bank credit: (In millions of dollars) U.S. Government securities— 1/ Bought outright—System account 62,091 + 537 +5, 111 2/ 61,785 Held under repurchase agreements 327 + 185 + 31 261 Federal Agency obligations— Held under repurchase agreements 59 51 16 94 Acceptances Bought outright 58 + 2 6 59 Held under repurchase agreements 40 + 26 + 5 93 Discounts and advances— Member bank borrowings 407 + 137 - 445 286 Other Float 4,355 _ 200 + 648 4,773 Other F. R. assets 1,164 + 67 -1,567 1,160 Total Reserve Bank credit 68,500 + 805 +3,792 68,511 Gold stock 10,732 - 385 + 365 10,732 Special Drawing Rights certif. acct. 400 — + 400 400 Treasury currency outstanding 7,148 - 23 + 290 7,150 86,780 + 397 +4,846 86,793 Currency in circulation 57,021 - 403 +3,435 56,901 Treasury cash holdings 430 + 21 - 236 429 Treasury deposits with F. R. Banks 973 - 232 - 290 1,105 Foreign deposits with F. R. Banks 154 - 8 - 53 154 Other deposits with F. R. Banks 1,053 + 342 + 523 727 Other F. R. liabilities and capital 2,006 - 225 + 39 2,029 Member bank reserves: 61,637 - 505 +3,417 61,345 Tfith Federal Reserve Banks 25,143 + 902 +1,430 25,448 Currency and coin 5,436 - 64 + 453 5,436 Total reserves held 30,579 + 838 +1,883 30,884 Required reserves 29,998 + 595 +1,587 1 29,998 Excess reserves 581 + 243 + 296 886 NOTE: A net of $210 million of surplus reserves were... eligible to be carried forward from the week ended December 30, into the week ending January 6. On January 6, 1971, marketable U.S. Government securities held in custody by the- Federal Reserve Banks for foreign and international accounts were $11,190 million, a. decrease of $92 million for the week, 1/ Excludes $325 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $33 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. * Estimated (San Francisco District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of doll*i rs) Wednesday Change since Jan. 6, Dec . 30, Jan. 7, 1971 ** 1970 1970 A S S E TS Gold certificate account 10,464 378 + 428 Special Drawing Rights certif. acct8s.. * 400 + 400 Cash (1,111) 219 + 108 Discounts and advances 286 33 + 123 Acceptances: Bought outright 59 + 3 5 Held under repurchase agreements 93 + 93 + 93 Federal Agency obligations-- Held under repurchase agreements 94 94 94 U. S. Government securities : Bought outright— Bills 25,608 +1,044 +3,805 Certificates Notes 33,236 + 54 +1,844 Bonds 2,941 + 55 - 555 Total bought outright 1/ 2/ 61,785 +1,153 +5,094 Held under repurchase agreements 261 + 261 + 261 Total U. S. Government securities 62,046 +1.414 +5,355 Total loans and securities 62,578 +1,637 +5,660 Cash items in process of collection (2,760) 12,880 +1,802 +1,447 Bank premises 128 — + 12 Other assets Jty 1,032 + 50 -1,556 TOTAL ASSETS/LIABILITIES 6* CAPITAL ACCOUNTS (3,871) 87,701 +3,111 +6,499 L I A B I L I T I ES Federal Reserve notes (1,111) 50,131 434 +3,146 Deposits:. Member bank reserves 25,448 +3,203 +2,617 U. S. Treasurer--general account 1,105 - 166 + 48 Foreign 154 + 19 75 Other 4/ 727 9 + 224 Total deposits 27,434 +3,047 +2,814 Deferred availability cash items (2,760) 8,107 + 718 + 488 Other liabilities and accrued dividends 567 + 7 1 TOTAL LIABILITIES (3,871) 86,239 +3,338 +6,447 C A P I T A L . A C C O U N TS Capital paid in*" 702 __ + 29 Surplus 701 + 32 + 32 Other capital accounts 59 - 259 9 Contingent liability on acceptances purchased for foreign correspondents 249 1 + 104 * Figures in parentheses are the eliminations made in the consolidating process. _1/ Excludes $325 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $33 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies and IMF gold deposited. 47 Includes IMF sold deposit. . **Estimated (San Francisco District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JANUARY 6. 1971 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) U. S. Government securities and Discounts and Federal Agency obligations advances Acceptances Holdings Weekly changes Within 15 days 285 105 3,058 + 835 16 days to 90 days 1 47 12,481 + 586 91 days to 1 year ._ -_ 20,797 - 22 Over 1 year to 5 years -- _. 19,089 + 82 Over 5 years to 10 years __ _«. 6,046 + 17 Over 10 years _.. 669 + 10 mm «. Total 286 152 62,140 +1 ,508 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 6, 1971 San New Phila Cleve Rich St. Minne Kansas Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran- * . cisco 1 __ (In millions of dollars) A S S E TS Gold certificate account 10,464 838 2,048 559 985 965 501 2,334 329 121 200 421 1,163 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 1,111 123 201 65 78 89 228 67 32 33 40 42 113 Other cash 219 9 19 10 25 14 29 32 12 6 17 14 32 Discounts and advances 286 — 2 — -- — — 280 — 1 3 — -- Acceptances: Bought outright 1 59 — 59 — -- -- — — — -- — — -- Held under repurchase agreements 1 93 ! 93 — — » — — -- — — -- -- Federal Agency obligations— Held under repurchase agreements 94 94 -- -- -- -- - -- U. S. Government securities: Bought outright— Bills 25,608 1,253 6,529 1,344 1,998 1,906 1,330 4,033 939 502 1,000 1 ,160 3,614 Certificates Notes 33,236 1,626 8,474 1,744 2,593 2,474 1,727 5,234 1,219 652 1,298 1 ,505 4,690 Bonds 2,941 144 750 154 229 219 153 463 108 58 115 133 415 Total bought outright 1/2/ 61,785 3,023 15,753 3,242 4,820 4,599 3,210 9,730 2,266 T, 212 2,413 2 ,798 8,719 Held under repurchase agreements 261 — 261 — _- — — -- -- -- -- -- -r Total U. S. Government securities 62,046 3,023 16,014 3,242 4,820 4,599 3,210 9,730 2,266 ,212 2,413 ~~T, 798 8,719 Total loans and securities 62,578 3,023 16,262 3,242 4,820 4,599 3,210 10,010 2,266 1 ,213 2,416 2 ,798 8,719 Cash items in process of collection 15,640 883 3,238 713 1,011 1,142 1,385 2,532 784 614 1,053 911 1,374 Bank premises 128 I 2 8 3 12 11 17 17 12 12 18 8 8 Other assets 3/ 1,032 I 56 381 48 68 60 47 129 30 18 37 42 116 TOTAL ASSETS 91,572 4,957 22,250 4,663 7,032 6,916 5,439 15,191 3,480 2 ,024 3,796 4., 250 11,574 1/ Excludes $325 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $33 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies and IMF gold deposited. * Estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 6, 1971 San * Total Boston New Phila Cleve Rich Atlanta Chicago St. Minne Kansas Dallas Fran York delphia land mond Louis apolis City cisco (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 51,242 2,911 12,193 2,923 4,186 4,587 2,619 8,969 1,948 873 1,871 1,940 6,222 Deposits: Member bank reserves 25,448 1,118 7,014 972 1,731 1,243 1,446 4,009 802 589 993 1,497 4,034 U. S. Treasurer—general account 1,105 100 276 89 73 84 112 137 39 46 43 27 79 Foreign 154 7 1/ 40 8 14 8 10 23 5 3 7 9 20 Other 727 1 7/675 2 1 9 1 ' 4 1 4 3 2 24 Total deposits 27,434 1,226 8,005 1,071 1,819 1,344 1,569 4,173 847 642 1,046 1,535 4,157 Deferred availability cash items 10,867 724 1,519 564 853 868 1,125 1,741 615 463 796 669 930 Other liabilities and accrued dividends 567 28 148 30 43 41 29 88 20 13 21 25 81 TOTAL LIABILITIES 90,110 4,889 21,865 4,588 6,901 6,840 5,342 14,971 3,430 1,991 3,734 4,169 11,390 CAPITAL ACCOUNTS Capital paid in 702 33 185 36 63 36 47 105 24 16 30 39 88 Surplus 701 33 185 36 63 36 47 105 24 16 30 39 87 Other capital accounts 59 2 15 3 5 4 3 10 2 1 2 3 9 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 91,572 4,957 22,250 4.663 7.032 6.916 5.439 15.191 3.480 2.024 3.796 4.250 11.574 Contingent liability on ace: eptances purchased for forejg n correspondents 249 12. 3/ 66 13_ 22_ il_ IS 3J_ S_ 6 10 14 32 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding |3,059 12,813 2,998 4,361 4,730 2,854 9,318 2,032 908 1,954 2,065 6,604 Collateral for F. R. notes: Gold certificate account 250 500 300 510 610 1,000 155 5 Eligible paper U. S. Government securities |2,840 12,400 2,800 3,900 4,160 2,900 8,450 1.930 930 1,975 2,130 7,000 Total collateral 13.090 12,900 3.100 4.410 4.770 2.900 9.45Q 2.035 930 1,975 2,135 7,000 1/ After deducting $ H4 million participations of other Federal Reserve Banks. * Estimated, 2/ Includes IMF gold deposit. 3/ After deducting $ 183 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis